You are vulnerable to mistakes when you enter the world of entrepreneurship. Though you have a brilliant idea, a great marketing plan, dedication towards your work but inexperience as a company leader will lead to some mistakes that will be inevitable.
Once you have setup your system and have gathered your team, you are all set to market your company. With the help of marketing you will able to promote your company, your products and services. But before you start branding your product there are several things that you have to avoid while planning your marketing strategy.
1. Not Giving Importance to Your Brand:
Your brand is the identity of your company and it should be your priority. If you are not keeping your brand prior, it is regardless whether you keep on placing ads, write articles, keep active on social media. All these actions will be vague as no one recognizes your brand. Before you start your promotion strategy, you must first align and develop your brand. You can hire some professional instead doing it on your own.
2. Failing to Connect Channels:
You are either promoting your brand through magazine ads or PPC landing pages but it doesn’t mean that they can’t be related. If you are managing them on separate mediums and keeping them apart they may diminish but if they are tied together they will amplify the impact of your ads on your visitors.
3. Starting Without Data:
Being an entrepreneur you may be use to off believing your instincts which in many cases may help you in taking the best decisions. However, if you are starting a marketing campaign based on your instincts then it will not be a wise decision. You must research the market and gather some necessary data before you can take any move. It is advised that you must take each step wisely and after complete research. This research will not only help you take the steps in right direction but will also help you know your target audience and the key demographics. If you are marketing without any data and research it will be just like flying blind in the air.
4. Depending Upon Historical or Competitor’s Data:
On the other hand, relying on the data totally can also be disastrous. If you are following the footsteps of your competitor and are following the same strategy as your competitor, you will end up regretting. You are the owner of a unique company, you brand and product is unique- you require a unique marketing strategy that is solely made for your company and must gather data accordingly. You can overview the historical data and your competitor’s data but don’t rely on them.
5. Cutting the Budget:
Startups have very low budget. If you are just starting your business as an entrepreneur you have to be extra careful with your budget. Unfortunately most of the companies believe that marketing is an unnecessary expense which they avoid. But being a new company if you are expending $1000 on marketing you will get $2000 profit. So, while deciding your marketing budget keeps a separate budget for marketing.
6. Neglecting Result’s Track:
If you are not keeping track of your results you are just beating around the bushes. You will have no idea whether the marketing campaign you are applying for your company is successful or not. Regardless of the campaign strategy, the medium or the time period, it is necessary that you take some time and take a look at all the tracks like: visits, leads, sales and engagements. In the haste to get quick results most of entrepreneurs just neglect this step and starts to roll their ads on different mediums.
7. Changes Not Made:
Getting the data from your results is the first step for the marketing. The key for the success is to learn from the data. It is important that you must know:
- The factors that led to the results whether they are high or low?
- The modifications that you must make in your strategy for a better campaign?
Most of the best and successful entrepreneurs are the ones who learn from their mistakes and adopt the desired changes. Keeping changing your marketing campaign over and over again for better results!!!
Being a new entrepreneur if you have made any of the above illustrated mistakes don’t be discouraged. Most of the expert marketers also make such mistakes but they learn from their mistakes and move ahead with a stronger step.
Take time and ponder on your mistakes, try to look out for loop holes and the strategies through which you can cover your mistake and can improve them. If you start your business with a strong marketing plan, it can propel you to a more reliable stream of revenue in just a few weeks.